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Author: bearman58 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121261  
Subject: reduce taxable income Date: 8/31/2000 9:27 PM
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question to fools: I have two full time jobs, one w/full benefits, the other w/none. I'm maxed out in 401k at 1st employer, 18%. wife doesnt work. So,, other than having a traditional ira for wife (2,000) and a roth for myself, (2,000), where else could I put $$ into to reduce my taxable income?? thank you all. bearman.
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39436 of 121261
Subject: Re: reduce taxable income Date: 9/1/2000 7:56 PM
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<<question to fools: I have two full time jobs, one w/full benefits, the other w/none.>>

Wow...you must be a busy person. TWO full time jobs?

<< I'm maxed out in 401k at 1st employer, 18%. wife doesnt work. So,, other than having a traditional ira for wife (2,000) and a roth for myself, (2,000), where else could I put $$ into to reduce my taxable income??>>

Likely, that's about it if you are looking to retirement programs. You're maxed out everywhere. Not your only option is really to review your entire tax situation and see how you can legally minimize it.

TMF Taxes
Roy

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Author: jkrou Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39477 of 121261
Subject: Re: reduce taxable income Date: 9/2/2000 6:20 PM
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One item that I have not seen mentioned is Tax-Exempt funds, there are state level and national level funds out there. What you would want to do aside from the regular due diligence is to evaluate your savings rate for them. The calculation is this: TE Rate/(100 - your tax rate). So a tax exempt fund with an annual yield of 5% gives you a real yield of 6.9%, just to give you an idea.

jenn

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Author: RiverCityFool Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39556 of 121261
Subject: Re: reduce taxable income Date: 9/5/2000 2:44 PM
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Well, if you itemize, you can deduct...

Contributions to charity
Large medical and dental expenses
State and local income taxes
Real estate taxes
Home mortgage interest
Unreimbursed employee expenses (such as union dues, job travel)
Tax preparation fees
Safe deposit box fee


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